CN1897029A - Automated price improvement protocol processor - Google Patents

Abstract

A data processing system for implementing transaction management of auction-based trading for specialized items such as fixed income instruments. The data processing system provides a highly structured trading protocol implemented through a sequence of trading paradigms. User workstations (10) are linked to a central server (20), which includes controlling software. Access to trading activity is accomplished at communication server (30) and remote server (40). In accordance with the protocol, bids and offers may be entered into the system, or cleared, or participants given the opportunity to revise their bids and offers, depending on the trading state of the system. The protocol enhances trading efficiency, rewards market makers, and fairly distributes market opportunity to system users.

Description

Automated price improvement protocol processor

The application is that application number is 99815843.7, the applying date is on November 5th, 1999, denomination of invention is divided an application for the patented claim of " automated price improvement protocol processor ".

Technical field

The present invention relates to help the data handling system of financial affair work.More particularly, the present invention relates to a kind of data processing equipment and method, be used for concrete agreement according to the auction format of the controlled sequence that has auction insident, the transaction of the property of the kind that management is selected, these properties comprise security, financial instrument, commodity and their derivant.System of the present invention proposes under these circumstances, and promptly when the transaction excitation was provided, the tender offer transaction was promptly carried out in the fixed financial instrument auction of selecting with justice.

Background technology

The application is the part continuation application of No. the 08/766th, 733, the present pending application sequence number submitted on Dec 13rd, 1996, and this application is quoted in full at this.

The center of economic activity is all goods of production and consumption in the market economy and the buyer of service-sellers' transaction.It is the fundamental mechanism of giving the producer resources allocation and exporting to the consumer.The operation of buyer-sellers' mechanism, often and can constitute key definite factor of business efficiency, and when its suitably moves, it will strengthen the function in market widely.

In history, a lot of different practices were arranged, so that buyer and sellers are taken to together, all there is the purpose of a key in each side, will make the goods of the needs that satisfy buyer and sellers both sides can be with " market " price or conclude the business near the price of " market " price as far as possible exactly.According to definition, the market price is exactly a market that cultivates is fully providing the price (calculating according to given currency) of under the situation of whole chance the goods of selecting being concluded the business.The discovery of the market price can only provide exchange meeting and permission each side to express its hope by giving nearly all potential buyer and sellers, can be accomplished.Yet this buyer-sellers conclude the business and must have suitable structure, and can carrying out with low-down cost, otherwise it will be with the high artificial transaction cost distortion market price.Therefore, as can be seen, these two kinds of key factors of buyer-sellers transaction-express chance completely and knowledge has and low transaction cost may and often be conflicted, thereby need carry out balance between trading efficiency and market knowledge.

As everyone knows a kind of and successful especially buyer-sellers' transaction system is called as " openly competing to cry auction ".This relates to a kind of like this process, and wherein buyer and sellers concentrate on a place, and the middle man provides the price of selected goods to the crowd through simple verbal offer.This method almost has been used to the goods of all kinds, is useful especially but do not have under the situation in the loco set up for selected goods or market therein.It is the major transaction form such as the special article of rare artwork etc.Though making on the interested each side that concludes the business come together is successful, total process may be very expensive, thereby the transaction cost in distortion market is enlarged markedly.

Openly compete to cry auction technique (revising to some extent) along with the time, in a lot of transactions, also obtaining successful application, comprise agricultural product and daily necessities, commodity contract, various article forward contract and with the tight fixed security of most preferred embodiment of the present invention purchase and sale.A lot of in these transactions all concentrate on replaceable basically article-promptly on market with article of the same race without any the article of significant difference-purchase and sale.For example, the wheat of 1 Pu Shier that pays February is considered to sell and pay with the price that is independent of its source.Similarly, payment 6.75% interest rate and issue date are the nondistinctive of of having of the U.S.'s finance bond in 30 years in August, 1996 and another investor.Therefore, the buyer is ready to pay and sellers are ready that the price of accepting determined to have the market price of all 30 years U.S.'s finance bonds in this identical age, thereby can have transparent the disclosing in source to compete to cry auction.

The coupon bonds of U.S. government's distribution are called as U.S.'s finance security.These instruments have usually 13 to 52 weeks (the T ticket, T-Bill), 1 to 10 year (N ticket-note) and as many as 30 years (B ticket-Band) to the phase of paying.The T ticket is the pure discount bond that does not have coupon (coupon).Nearly all other time limits, longer financial security all were coupon N ticket or B ticket, had every half a year to interest payment cycle of determining that the possessor pays.The financial security of the type that another kind is nearer provide the payment of inflation index correction.

Though adopted financial security in the following discussion, under the prerequisite that does not break away from notion of the present invention, relevant ultimate principle also can be applied to the property of other types, comprises security, financial instrument, commodity and their derivant.

New financial security are auctioned on the predetermined auction date by U.S. government.The auction price of finance security-it has the coupon rate (coupon-rate) of a face amount and a setting-will determine the distribution income of these security.After auction, financial security have entered the secondary market and have been carried out " sales counter " transaction usually, promptly conclude the business under the situation of the rate of conversion that does not have to determine.Along with the variation of inflation expection and Supply and Demand situation, fluctuation takes place in the financial price of securities of auction on the secondary market in the recent period.New price is by bid and inquiry between mechanism, bank, middle man and the negotiator in the secondary market, and obtains reflection.

Recently Pai Mai security are concluded the business or are concluded the business in combination with the latter with the security of auction early.In the case, some security obtains transaction more continually than other security, and is called as " active securities " (actives); Active securities are usually corresponding to the recent security of distribution, rather than older security in the market.In fact, the transaction of the security that some is older is very not frequent, has caused the very little market of a kind of flowability, and such market may or may not be reflected to the interest rate of the market decision of identical nearer security of the phase of paying.

Therefore, the scale of financial securities market and diversity, the bid relevant with these security, bid, the purchase and sale transaction that make the participant in the market carry out become complicated beyond example.With relevant this extremely complicacy and the transaction size of transaction that bank, middle man, dealer and mechanism carry out, the needs of constructing strict mode of doing business to a kind of have been proposed.

In the past, openly compete to cry auction bond manager to provide favorable service, provide effective execution with approaching market price accurately for its client.This openly the competing that is applied to bond transaction cried auction, is by a middle man, by cooperating with generation with a group client and manage a market, and accomplished.Usually, buyer and sellers' client representative concentrates on a common location (for example a single room in), and exchanges each other to fix a price and to confirm transaction.This process relates to representatives and is selected amount (i.e. given how many bonds of 1,000,000 dollars to the phase of paying) various bids of expression and bid price.This expression has such form, and promptly loud " crying out " goes out bid or the bid that client proposes, and with representative go together carry out relevant coordinations, mate up to having realized concluding the business and finished transaction.This " transaction is obtained " process depends on openly competing to cry in the process of exchange after fact reporting of occurrence just.

Recently, this transaction acquisition process is carried out data input electronic input apparatus by specifying an employee.Input employee will attempt to intercept disclosing that a lot of single middle mans make simultaneously and compete to cry, thereby their client's trading instruction can be known with the form of words and expressions.The quality that data are obtained depends on the intercepting skill of importing the employee, and the amount of customer order and easy variation degree.A significant disadvantage of this auction data acquisition process is to be difficult to discern in the market of motion rapidly with the rapid different trading instruction in succession of words and expressions form, thereby is difficult to obtain the accurate data sequence.

A lot of changes of this process will go through following.This to illustrate just, under the lower situation of the developing trading volume of openly competing to cry auction, and under the situation that lacks suitable substitute mode, openly compete to cry to auction to remain interior main mechanism of exchange decades.Though success, this mode is not perfect.In fact, in recent years, openly compete to cry some problem in the auction, because the huge increase of the trading volume that takes place now in the fixed income field, and be exaggerated.In general, openly compete to cry in the auction process, difficulty will take place because negotiator's individual character is injected into.For example, in fact the tall and big representative of voice may arrange transaction and professional, though this people may only represent less and so not crucial customer base.This aggressive action can help these specific clients in the auction in short-term though openly compete to cry, and can and will twist price to this domination of transaction, thereby makes price depart from actual market, thereby some buyer and sellers are discontented with.

Openly competing to cry the other problems that exists obstruction effectively to conclude the business in the auction.The speed that transaction is flowed, and the oral character of auction process have been injected potential mistake, and this mistake often is transformed into carries out and millions of dollars irrelevant transaction of client's purpose.In some cases, the middle man can run into the whole relevant profit of a settlement process-its meeting this day of trade of counteracting under certain market condition when a day of trade finishes.In addition, according to obtainable information in the market, client can promptly change the direction of transaction.Shift one's ground or withdraw from the transaction of prior promise with the unusual notice of short-term, competing to cry in the process in traditional disclosing is unusual difficulty.

Carried out a lot of effort in the past, supported, comprised that the system by the control auction protocol makes the auction process robotization so that computing machine enters into the transaction of selected property and financial instrument.In fact, today, nearly all transaction all related to certain sputter support, was sent to the transaction system of the complexity of the transaction robotization that makes selected classification from simple information.Yet, do not wish in the complexity of finishing when concluding the business when these systems also have influence on such subject under discussion-these subjects under discussion significantly and relate to person's the disclosing in carrying out the fixed income field of satisfying the purchase and sale and compete to be auction and conventional transaction.The present invention makes understanding with relating under the situation of the problem that runs in some process of exchange of buyer and sellers.

Summary of the invention

Thereby one object of the present invention provides a kind of data handling system, and this system is used to realize that a kind of transaction system-it can carry out a large amount of transactions.

Another object of the present invention, signal provide a kind of data processing method, the security exchange that this method support is carried out with the speed of minimum mistake and cost and increase.

A further object of the present invention provides a kind of data handling system, and it supports a kind of formative trade agreement of decision to the controls transactions on the bid/bid market.

A further object of the present invention provides a kind of system, is used for the information of real-time collecting, demonstration and the current active of the relevant securities market of distribution, and this information is handled so that participant's the order and the degree of transaction are carried out real-time quantization.

A further object of the present invention provides a kind of selection treatment facility of the data of some types, and wherein data were restricted before using, and the data-switching that is restricted is become the order and the stateful transaction of coupon bonds.

A further object of the present invention provides a kind of data handling system, and it provides according to mutual and non-traditional bid, bid and the classification of business transaction set up in advance and controlled access that the transaction order is carried out.

A further object of the present invention provides a kind of computer system, and it has comprised a plurality of workstations that connect by the high-speed communication loop chain, so that can distribute rapidly and the swap meet data to the participant.

A further object of the present invention provides a kind of system, and it passes through to participant's granted priority, and has produced flowability when the order that guarantees the participant is met in orderly and fair mode.

A further object of the present invention, be boost person and sellers are by beginning a kind ofly to improve the chance that trading activity that price carries out is authorized, and disclose their total purchase and sale amount.

A further object of the present invention is the price improvement that quantizes buyer and sellers and bidder and bidder's transaction excitation.

A further object of the present invention is that buyer and sellers are distributed in price improvement transaction excitation.

A further object of the present invention is with uniform transaction increment dispensing transaction in buyer and sellers.

A further object of the present invention provides a kind of Database Systems, and it is linked with the price improvement protocol processor that is used for real-time collecting, filtration, the selected marketing data of distribution.

A further object of the present invention, provide a kind of computer system, it has a kind of special purpose workstation input system, and this input system has been carried out personalization for the transaction that this workstation carried out, and the personalized one-tenth of the given participant mode of doing business that can be at this workstation.

A further object of the present invention, provide instrument of exchange, such as the price improvement order, stop with limiting command, Associate Command and give a warning having reached the transaction limit, a surplus limit, transaction start limit or the like with expression such as a concrete participant specific to a given participant's personalization.

Above-mentioned and other purposes of the present invention are realized by a kind of computer based data handling system, and this system has and is used for the controlled logic of program that electing sale is managed.This data processing has adopted a plurality of trading workstations that are linked with a server that is used for coordination data stream and handles.LAN and/or WAN configuration through obtainable network, Ethernet, Marking ring (token ring), token bus or other frameworks provide communication.This optimum system choosing ground comprises a kind of keypad, is used for the input from each workstation, its facility the providing of key entry order of independent programming; Other keyboards or keypad or voice control electronic installation can be used and often be the available software configuration, thereby can be consistent with native system.A kind of central processing logic is determined the screen display of obtainable order, transaction and distribution options and each workstation.When input order and transaction, variety of protocol realizes that exchange hour and mutual trade management take place, monopolize for bid-bid control, priority.When transaction was finished, this system upgraded the database of a link with the transaction data of new input.

According to the present invention, this steering logic provides a concrete sequence of stateful transaction for each participant.These five kinds of states are:

Table 1

1. bid-bid state

2. state when

3. " rise " (Workup) state

4. second check state

5. " fall " (Workdown) state

When various transaction were transfused to, trading post moved at one of these five kinds of states.Workstation " state " will determine this participant the option that can obtain, thereby can control order and transaction flow with a kind of saving cost and faultless mode.Can be under the situation that enforcement on the workstation of different configurations is submitted a tender, bid and concludes the business the participant, these agreements are general to all participants, thereby prevented the control of keeping forging ahead to concluding the business under the situation that does not have real capital to make a promise.

Description of drawings

By below in conjunction with the description of accompanying drawing to concrete illustrative example of the present invention, above-mentioned feature of the present invention will become apparent.

Fig. 1 is a system chart of describing main hardware assembly of the present invention;

Fig. 2 provides and has described the process flow diagram that the information relevant with transaction transmits;

Fig. 3 has described the principal character of keypad;

Fig. 4 is the block diagram in various system states and the path between them;

Fig. 5 is a logical diagram of transaction data input;

Fig. 6 is a logical diagram of bid-bid state;

Fig. 7 is a logical diagram of " when " state;

A logical diagram of Fig. 8 " rise " state;

Fig. 9 is a logical diagram of " second checks " state;

Figure 10 is a logical diagram of " falling " state;

Figure 11 is a logical transaction summary table;

Figure 12 is the view that is used to implement a kind of interactive keyboard of the present invention.

Embodiment

The present invention relates to a kind of data handling system, be used to implement to support the complex transaction rule of option dealing.First aspect of the present invention relates to a kind of concrete hardware agreement, and it provides the platform for the special cutting of transaction of processor enhancing and support.This hardware setting comprises a plurality of workstations that are linked at together with the traditional hope that communicates.Each workstation all communicates with a central server, and this central server is organized process of exchange according to programmed logic.This workstation comprises a display, is used to show the concrete part of transaction.Preferably, a kind of keypad of personalization provides participant's enhancing data/transaction input or the inputting interface that the participant selectes.

Second aspect of the present invention is to be used for the dynamic steering logic of control system.This logic is stored in the system storage and the agreement and the sequence of rules of dispensing transaction priority is provided.This logic also provides the participant directly or by middle man or the terminal operator system responses at the operational order of workstation input.System logic is critical on two levels.At first, it is important as the principle of system, thereby performance is directly related with it.The second, system logic, as the rule of decision market access and response, must be by known to all participants, be under a delusion to eliminate and as much as possible the participant placed equal status.A primitive rule of native system is that participant to all registrations provides entering of fair and complete process of exchange.

In order to understand following details better, used buzzword is done a review.The amount that illustrative example shown here (but being not limited to them) all concentrates on a large amount of transaction-one of them given transaction of coupon bonds and these security defines (for example 2,000 5 hundred ten thousand dollars 30 years financial security) with (but being not limited to) dollar.

Below be used term and related definition thereof:

Table 2

The dollar or the income amount of the security of a kind of distribution of bid-purchase are submitted a tender

The dollar or the income of the security of bid-sale distribution measure valency

Best bid and best bid is poor on price differential (spread)-market

The coupon bonds of publication (Issue)-a common grade, for example, 10 years financial security of nearest distribution

Participant-reception transaction data and people that it is responded or controlled entity.Though price often is dealer, a terminal operator or the middle man that entrusted by client, this is not unique arrangement.For example, client can be used as the participant and directly participates in.Other arrangements also are possible.

Hit-accept a unsettled bid

Bought (Take) or mentioned unsettled bid of (Lift)-acceptance

The U.S. dollar amount of scale (Size)-a concrete bid-bid

Fabricator (Maker)-have participant-market of manufacturing of unsettled bid and bid

Outstanding project-the occupy current bid-bid of fabricator's priority

Dealer-a transaction is by after initial, all participants that exchange starts (as buyer or sellers)

The time of monopolizing-by one of a transaction action beginning period-wherein the first optimal bid person/bidder has an opportunity more to conclude the business

Price improvement hits (Price Improvement Hit)-be in and/or be lower than received sales order of current optimal bid, so that sell a kind of security-publication with the beginning that more measures more shown than the passive side

A received purchase order of current best bid was bought-be in and/or be higher than to price improvement, so that buy a kind of security-publication more to measure the beginning greater than the amount shown in the passive side

Transaction-hit or bought initial and continue to a string transaction action overtime or that finish with one

Advance a participant of taker-initial transaction

Masters-in market, advance taker dealer group on one side

Passive side-dealer the group on one side relative in market with advancing taker

Dealer's surplus (Surplus)-description and expression such a case, be that one of them advances the intention that taker has been concluded the business the whole scales shown in the passive side and represented to carry out more transaction in one or more price levels, or one of them passive participant is ready to buy or sell with the price that is higher or lower than current transaction value.These situations have caused advancing the price improvement transaction between taker and the passive participant.

The generalized case of system operation is based on the repetitive operation of some functions, and in its original embodiment, implements these functions by a kind of custom-designed keypad or other input medias.Usually, this process begins when the participant proposes a kind of bid of security of definite grade and bid.These various orders are present on the display screen in a kind of specific mode, with reflection priority, scale and kind.A participant can submit a tender or bid by proposing one with a selected price and amount, and sets up transaction priority; Bid in identical price enters the time sequencing of system according to them and is displayed on (bid also is the same) on the screen.Produced a formation of submitting a tender and bidding like this, wherein the position in the row is determined by the time under identical price.Perhaps, this formation can be determined by different metering grades, is for example determined by the combination of time and scale.This formation (or its general introduction) is displayed on participant's the screen of workstation.Usually, tender price and bid have between the price little different, i.e. " price differential ".If there is not difference to exist, this is called as the market of one " locking ".

Importantly, submit a tender and bid be make a promise-in case propose, bid can will be concluded the business that the participant of these security " hits " and bid can be by " buy or mention " with the price of the price that proposes or a plurality of propositions by one.

In order to control the transaction between a lot of participants, set the level of some hierarchical structure.A participant who hits the bid of submitting a tender or mentioned is thus lifted to a new level-this level and is called as " advancing taker ".Submit a tender or bid by acting on one, this advances the masters that taker has defined (thereby foundation) this transaction.For example, if this participant has hit a bid, sell the masters just become this transaction and purchase become passive.Yet,, buy initiatively if this participant had bought a bid.This is a kind of important actual consideration, because pay the commission of the transaction that is taken place according to some agreement masters.But when a price improvement transaction took place, the commission of this transaction can be shared by the participant of this transaction.This commission is distributed and is based on that the participant initiatively of such view-promptly has mobile advantage and the passive side provides flowability to market, and if such view-promptly can obtain better price then passive dealer has obtained him is ready the value paid at the price improvement trading time period.The further combination that commission is distributed has guaranteed to encourage transaction, for example volume discount, annual fixed expense, both sides' payment and according to execution time and place payment.

In order to carry out controlled enforcement, it is important that above-mentioned active and passive side divide, and more meaningful than difference side's (promptly submit a tender and bid) of transaction on managing business.

Concentrate on the term of system logic further, " transaction " is considered to a series of transaction event, it by defined advance taker initially hit or bought triggering, and proceed up to transaction " closing " for all such transaction.In the transaction of non-price improvement, no matter advance that taker side remains initiatively and All Activity all how with the number that initially hits or bought the transaction that determined price carries out-follow.For suitably tracking activity, (virtual or real) single transaction ticket-it has the reference number of relevant and screen display in a transaction generation.Under the situation of transaction reflection more than one purchase/sales, several transaction tickets-its each reflect total transaction size of each participant of each side-obtain record.Can produce one group of average price ticket or their equivalent.

In addition, the control participant's of this system maximum order scale, thus prevent that the participant from making a promise the order above this participant's permission parameter transaction.This steering logic has also been protected new participant.By this processing, the participant with different technical ability can conclude the business in more balanced transaction occasion.Processor can also be controlled participant's hierarchical structure, thereby allows to manage intervention.

Fig. 1 has described the various nextport hardware component NextPorts in one embodiment of the present of invention.Under this occasion, a plurality of workstation1s 0 are provided, each all is linked to a central server through network line 15 respectively.Server 20 comprises Control Software, is used for managing to the interaction of the data stream of each workstation1 0 according to system constraint.

Continuation is referring to Fig. 1, and this system can be directly, indirectly and/or be linked to the participant at remote site place by the Internet.Visit to transaction realizes to long-range distribution maincenter and remote work station 60 at central server 30 and remote server 40.The supplement communication circuit obtains through traditional telephone line 90 utilizing.Above-mentioned platform further comprises a 32-bit operating system, with the multitask environment in managing.The Open V MS64 bit manipulation system that utilization of the present invention moves on DEC Alpha bunch server and successfully obtained enforcement; Yet, also can replace with other operating system.Perhaps, desktop client can be implemented with OS/2, WindowsN/T 4.0 in a kind of mobile alternative.This workstation provides and has shown and input, and selects in can be from hardware and software system that required function is provided based on the personal computer of Pentium processor, SPARC station (using UNIX) or other and/or language.

Referring now to Fig. 2,, wherein provided overall information of the present invention path with the block diagram form.This market information derives from auction process, and is the very valuable data source of relevant market, futures and selection or cash.From frame 100, marketing data obtains collecting from a plurality of online terminal by the participant's operation the relevant market part.When bid, bid and transaction were carried out in real time, a kind of continuous message exchange was flowed between the participant, as describing in frame 100.This information is by systematic collection and enter the data processor database.

The online marketplace data are sent to data filter subsequently and strengthen module, frame 115, and the marketing data that its clarification and connection enter continuously is to be used frame 120 by for example data accumulator.An aspect of data enhancer operation will be that the online transaction information translation is become digital form, to send to classification processor, frame 130.The operation of classification processor relates to the data set that produces appropriate format, for operation in the future.This comprises the array of data that produces matrix form.

In case be given suitable form, these online marketplace data are sent to the qualification processor subsequently, and frame 140 is selected to determine a kind of real-time command.This qualification processor also provides participant's affirmation and participant's marginal credit approval and security type link and the secure identifier between participant's relation.This information is later uploaded in the safety database, frame 150, and be sent to distribution processor subsequently, frame 160.

Aforesaid operations will cause the real-time distribution between participant's workstation, to carry out the distribution in decision and the selection fixed income investment community by communication line and screen display.Under situation of the present invention, three sections of this community are provided with these data.At frame 180 and frame 170, selection and futures are handled the related system owner and have been provided the cash market data automatically, comprise the notion security of exponential sum from its derivation, with according to transaction and forward contract, quantize and assess concrete selection and futures position the selection of the security specifically indicated.In a similar fashion, these securities datas about selection and forward contract are provided for the owner of system, carry out the suitable option dealing and the business of forward contract with the securities data according to identification.

In this case, data relevant with the auction of cash market security are used to support the transaction in their the derivant market.Similarly, if this situation is the auction of Derivative Securities, flowing of distribution will be supported the transaction of these security.

The 3rd channel of the distribution of security, be frame 190 to the data collector and the device of selling goods.Follow by securities data to continuous dispensing (frame 200), the support (frame 210) of automated transaction and with this transaction relevant statement and the function of reporting (frame 220) of investment, close operation or the like to comprise with the participant of transaction in the community.

This transaction is highly smooth with fast.Therefore, effectively input system is useful for realizing that multiple transaction is selected, and these selections can be enhanced by the keypad that adopts the height customizations, and this keypad allows higher trading efficiency under this situation.Therefore, an independent aspect of the present invention is the keypad of uniqueness shown in Figure 3.

During handling, the type of the input that receives according to system has reached various " states ".The kernel state of bid-bid has reflected the open state in market.In the case, the participant is called as " fabricator " and " anti-fabricator " (contra-maker); Under other state, the participant is considered to " dealer " and " negative dealing person ".According to this address, dealer and fabricator are the participants who sends the transaction order, and anti-fabricator and negative dealing person are the participants who receives the transaction order.Some participant, for example first buyer and/or first sellers are called as " existing worker " (current worker) under " rise " state, and have been awarded the mandate of a transaction of control in a schedule time under system logic.According to coupon bonds, this time can be zero.Important sign between various transaction processing stage participant is distinguished, and is presented on the screen with the highlighted or similar display properties that reverses.

The mutual relationship of these five kinds of systems " state " is displayed among Fig. 4.Initial transaction obtains prediction (400) all the time on bid-bid state, and series processing (420) is determined system's input for the change of current state.Fashionable when enter key, state changes and is triggered, and handle move on to these five kinds of states in each relevant example.When each state was transfused to, agreement was moved and new trading rules are suitable for.

About transaction is carried out and participant's information is provided with the form of the screen display of configuration selectively at each workstation.Particularly, system provides the screen display of a kind of transaction viewing area or " quad ", and wherein Guan Jian transaction represents that symbol obtains showing.A sample that has below shown QUAD:

QUAD 1

100.01		2	100.03		15
						Cust	Submit a tender	Bot	CUST	Price asked	Sell
2001	1	0	2007	5	0
						2002	1	0	2006	10	0
Amount to	2	0		15	0

In above-mentioned QUAD, current bid obtains adjacent description, and a tender price " 100.01 " (100 add 1/32) is specified-reflected in participant CUST top; On with delegation, current bid price is set at the price differential (2/32) that 100.03-shows .02.When a transaction is being carried out-shown in " hitting " or " buying " under the bid-bid state, participant's notice is mainly pointed to the conditional prompt of the total scale that demonstration submitting a tender or bidding and can undertaken by the participant.This number is displayed on the intersection point place of total value row and bid-bid row.This total value is further limited into each and determines amount in advance in this QUAD, shown participant's scale in corresponding row.Other QUAD or arrangement can be under participant or logic controls, to show stateful transaction information.

" sell " on the item at the BOT of QUAD1, one second total value counting provides the fabricator to form total scale.Under this bid-bid state, this total value does not have the conditional prompt of execution identical with relevant.This is changed-is not intended to the total value that the dealer is followed the tracks of in conditional prompt after first business when " dealer's tabulation " produced, fabricator's total value is followed the tracks of the amount that stays in fabricator's the tabulation simultaneously.

Referring now to Fig. 5,, the data for the demonstration on the QUAD is selected according to the logic of describing, and obtain handling.System has imported a new participant, CUST (ID), frame 520, for example " 2001 " and this is stored in (frame 530) in the Initiative Inventory Management device together with relevant transaction data/order TRD (ID).This transaction order obtains confirming at a system level, promptly refuses system mistake at 550 warps " alarm ".In case be identified, this new data command TRD (ID) is distributed to the screen cache device to show relevant duty (frame 560).This all obtains repetition (frame 570) for each new input item.

Following discussion concentrates on bids-bid state, and wherein the market maker imports various bids and bids in the system, wait simultaneously market to pair the time execution.First best bidder and bidder are received in clearing and monopolize and receive transaction priority in the time.These unsettled promises can be by by the fabricator of existing its position of demonstration or by not showing that before the third-party of its position hits or bought hitting (or buying), and obtains carrying out.When having made new bid and bid, the price attendant relevant with it determines the position in this formation, and the wherein bid of identical price (or bid) was arranged according to input time.Therefore, when market owing to better submitting a tender and bid when becoming closely (having reduced price differential), these new positions have been moved to the front portion of formation, as shown.

Except price, bid and bid, also comprised a scale component, it is used to represent the U.S. dollar amount of unsettled bid (or bid).Participant will increase and submits a tender or the scale of bid, carry out new input, and it is placed formation individually, and it is adjacent that simultaneity factor will not increase in scale component-only and the formation an existing bid-bid.Perhaps, these scales can be combined by this way: when submitting a tender and bid to be transfused under this state, their are shown relatively that with their scales separately wherein the counting of bid-bid always (total scale) is displayed on relevant conditional prompt place.Like this, conditional prompt is owing to it has been used as professional main propelling factor to measuring of the apparent market capacity under the given price.

Bid-bid (but not always) mode with " not closing " during bids-bid state usually is transfused to-shows and submits a tender or a bid participant in the market to first the best is obtainable, promptly at the top of first formation.Therefore, outstanding displaying only for this participant in the time interval that a system determines, obtain-and have only this participant " to mention " or " buying " these outstanding input items.(by the internal system clock tracing) after the interval elapses at the fixed time, if outstanding bid-still exist-could be obtained by the people outside the optimum price participant.In fact, for certain security, this predetermined time interval can be zero.The most frequently, a known interval obtains setting up.Be provided with a kind of commercial object for this reason.By making participant that first chance of watching new input item be arranged, and provide award to the market that shows their sides to these participants with initiatively bid-bid.Therefore, initial bidder is become into taker by invitation, and the predetermined interval of system, comes into the market in this interval by preventing new buyer and sellers, and time of the decision of making them is provided to these bid/bidders.

The system logic relevant with this bid-bid state obtained description in the logical flow chart of Fig. 6.Logic starts from frame 600, and data/order enters frame 620.Mode selector is defined as bid-bid to this state, frame 620.At frame 630, take out the CUST_X profile from new input item, and all relevant data enter a parameter string (frame 640), this string is transfused to.

Continue this logical process, system is comparing in the new price input item PPC (I) of " test " 650 input systems and unsettled bid (if or bid-PRC (I) relevant with a bid).Test 650 produces three kinds and one of selects: if new input item PRC (I) than existing market goods, the top formation Q1 that logic proceeds to frame 655 and front is moved to Q2.New input item has formed first in this new top formation row subsequently, i.e. Q1_TOP, frame 660.In this way, system is that the each side in market has produced a plurality of formations at selected price point place.This many formations environment allows to carry out " price improvement " transaction, as described in detail below.

Continuation is referring to Fig. 6, if new input item outside market, promptly than best current bid-bid " poor ", logic proceeds to frame 685, and a new formation Q (N) obtains producing.In the case, this new formation-it has price point than market leader difference-be displayed on below the formation of top.At frame 690, this new formation is placed in the top of this new formation Q (N) _ TOP.

When more input item was transfused to, each input item of system evaluation also placed a plurality of formations to them according to price; And they are placed each formation according to the time priority level.This has produced the formation that some prices are determined for the each side in market, and when the amount of all demonstrations of new contrary formation of advancing taker and bought/hit and all demonstrations, makes it possible to carry out the transaction of price improvement.

In Fig. 6, the result who comes the finance of self-test 650 is a qualified price, and it has guided frame 680 into.Because time priority level, this input item are placed in the place, bottom of Q1.

In test 700, what systems inspection was new hits/bought; If no, logic proceeds to next input item, frame 710.Just responding the next state, frame 720 of moving on to of handling that make to testing 700 one.

Screen display changes according to the various input items that enter tendering process.At QUAD 2 described below, tenderer's participant 3001-3003 has reflected one 2,000 7 hundred ten thousand dollars market, sees conditional prompt: 27.What this had comprised that the participant carries out first submits a tender, and 5.0 hundred ten thousand (CUST) 3001 is 2,000 ten thousand one second bid subsequently soon.In this example, participant CUST 3007 (for example a bank or the participant of other mechanisms) imported have outstanding 1,000 ten thousand do not close bid (asterisk represent bid do not close); This is in 1,000 ten thousand of conditional prompt row one description of bid side.So, steering logic gives original fabricator to looking back the first time of 3007 new bid.After this interval, market is open once more.

QUAD 2

＞7.625.225 TZ

108.04 27 ^*108.04 10

Cust	Submit a tender	Bot	CUST	Price asked	Sell
						3001	5	0	3007	10	0
3002	1	0
						3003	1	0
3001	20	0
						Amount to	27	0		10	0

" when " state be by a transaction order pressed be not first preferably of original fabricator advance not the closing bids-bid of taker and triggering.Yet this transaction order that this system's control will not allow newly to advance taker is carried out simultaneously.According to system logic, this transaction processor produces a time interval or delay, thereby by the response of not closing input item of permission to the passive side, and provide assessment to advance the time of the new situation of taker generation to this first preferably original fabricator.

Particularly, as mentioned above, there is the timer-operated definite interval by computer drives in the state of not closing.Just in this time interval, " when " state can be established, and this state may only last till by the overtime of the intervalometer in passive side's original fabricator's action or the system logic subsequently and solves.

In " when " state processing, system shown original fabricator-it before newly advancing the taker input with unsettled bid-bid existence-and by not hitting or bought the new transaction that order is imported in bid-bid unsettled closing.These fabricators and dealer are separated clearly at screen.(seeing following QUAD 3B).Importantly, these original fabricators have been given the chance of concluding the business at the new price point place of advancing taker foundation; From a plurality of fabricators of original list each all will according to they in formation priority and visit and obtain this new price.System will rise in value by each fabricator, if a people has sent a purchase/sales order with their scale, they become into taker.If this thing happens, logic is left " when " state and whether is got the whole amount that this conditional prompt place is represented according to newly advancing taker, and enters " rise " state or " falling " state.

In case " when " state processing begins, and the transaction input item from the passive side is not allowed to.Further, the participant is prevented from entering masters.Particularly, will be in input item of not closing (initiatively) side from these New Transactions person, existing dealer or original fabricator.If for example, dealer has bid 10 and concluded the business 5, the dealer preferably can cancel the amount of also not making a promise during " when " state.

Yet, if second intervalometer is overtime under the situation of any intervention that does not have original fabricator, " when " input item (one or several) is with automated transaction, and original fabricator will not buy this part transaction.In the interval of this time control, WTAK to fabricator's flicker, has shown the transaction in an outstanding bid on screen.WHIT will glimmer for of not closing in the bid hits.During this time every in, unsettled fabricator's scale input item all is initialized to zero, and no longer comes across conditional prompt.

When state processing obtained describing in Fig. 7 and triggered by a transaction order CMD (I), frame 810 was tested the new transaction order of 820 affirmations (hit or mention) and new is advanced taker from one; If not, logic proceeds to frame 880, and proceeds to " rise " or " falling " state.

Yet, make logic proceed to frame 830 to testing a sure response of 820, the locked preset time in market is at interval there.At frame 840, all this moments, existing fabricator was reset to zero.In test 850, system judges whether these fabricators had intercepted taker before this time interval expiration.If the fabricator who intercepts becomes into taker, frame 860, and have control fully to the transaction sequence of following.If not, the new taker that advances obtains setting, frame 870, and logic proceeds to next state, frame 880.

Following sequence has reflected aforesaid system logic.At following QUAD 3A, bid-bid state has two participants, CUST, and 3002 and 3003, each has all shown 1,000 bid; Participant CUST 3007 has just sent 100 ten thousand the bid of not closing.Participant CUST3001 wishes to buy the new bid of participant CUST 3007, but he can not carry out automatically.At following QUAD 3B, participant CUST 3001 attempts to buy the bid of participant CUST 3007, forces system to enter " when " state and has produced an outstanding tabulation (in this bid) for masters.Yet two bidder scheduled volume is reduced to zero-because system logic requires these bids not carry out in new price point.In this example, second intervalometer all provides right of priority to participant CUST 3001 for two original fabricators; And participant CUST3002 has kept total right of priority by placing this formation.

QUAD 3A

＞7.625.225 TZ

108.04 20 ^*108.04+ 1

Cust	Submit a tender	Bot	CUST	Price asked	Sell
						3002	10	0	3007	1	0
3003	10	0
						Amount to	20	0		1	0

QUAD 3B

＞7.625.225 TZ

108.04 20 108.04+ WTAK 1

Cust	Submit a tender	Bot	CUST	Price asked	Sell
						3002	0	0	3007	1	0
3003	0	0
						3001	1	0
Amount to	1	0		1	0

The business that forms a transaction takes place down at one of two kinds of stateful transactions according to the present invention, and this two states is called as " rise " and " falling " state." rise " state advances hitting or mentioning and take place of taker according to what bought whole amount that the passive side shows; In case be established, " rise " state gives that initial dealer-it is current worker by system identification exclusively the right of transaction.On screen, current worker is emphasized in a kind of definite mode known to other participants.Current worker controls transaction and can offer extra portfolio their relative dealer; This is to get rid of outside participant's.The existing worker of the masters of transaction will comprise into taker, and may comprise other dealers, and they are advancing under the taker and having by filling the remaining amount that needs " falling " to make transaction enter the business of " rise ".For the passive side, bought whole scale one advance taker existing worker's state be limited to his own and his the other side.

Existing worker's state disappears when participant's input " finishing ", perhaps in the inactive interval elapses of transaction.Equally, this interval is a kind of predetermined systematic parameter that triggers through system logic.If there is not this termination, existing worker almost can ad infinitum conclude the business, as long as they continue the bid of their corresponding scale of response.

" rise " state logic is described in Fig. 8, and main and scale and new order data interrelate.Advance the taker scale and before the transaction input, be transfused to, and the passive side's also is the same; See frame 910 and 920 respectively.In test 930, system judges into whether taker had bought the whole market of bid when transaction; Be "No" if test 930, logic proceeds to frame 990 and finally proceeds to " falling " state (Fig. 9).

Make logic proceed to frame 940 and 950 to testing a positive response of 930, existing there worker specified and new transaction by existing worker's input, and get rid of other participants.Under these conditions, and if have more than one price formation the passive side, system provides the transaction of price improvement.In the case, advance taker and conclude the business, show that the price of being willing to be intended to than optimal bid-go out price differential concludes the business in a plurality of price point.Systematic survey is the price differential between show best of each relative dealer and the price difference lattice.A value of determining with mathematical method obtains setting, and with these two price point of bridge joint, for example two prices is average.This realizes that at frame 955 IBM has the new price difference variables D elta (ID) to this dealer.Given this new price point (one " price improvement " seeing from both sides' viewpoint), new transaction is entered, test 960, and obtain handling frame 970.This proceeds, and finishes or overtime test 980 up to existing worker.System tests (frame 965) subsequently and carries out the new transaction of (frame 975) new participant (by " hitting " or " buying in " instruction) input.

Above-mentioned logic has obtained better understanding in concrete example.Shown a system that does not have the price improvement feature in following QUAD 4A, it has shown typical open for bids-bid.

QUAD 4A

＞7.625.225 TZ

108.04 16 108.05+ 45

Cust	Submit a tender	BOT	Cust	Offer	Sell
						3001	5	0	3007	25	0
3002	5	0	3006	10	0
						3003	1	0	3005	10	0
3001	5	0
						Amount to	16	0		45	0

Supposing submits a tender is hit for passive side's participant CUST3005 by the whole scale of sale (1,000 6 hundred ten thousand).This has produced as advancing the participant CUST 3005 of taker and relative dealer (participant CUST 3001,3002 and 3003) as existing worker.All initial scales have been bought as " rise " state that advances taker now from the passive side.Have right of priority advance taker and the first optimal bid person is emphasized by a represented video attribute of rectangle frame.See QUAD 4B.

QUAD 4B

＞7.625.225 TZ reference number 68119

108.04 hit 16 108.05+ 36

Cust	Buy	BOT	Cust	Sell	Sell
						3001	0	10	3005	0	16
3002	0	5
						3003	0	1
Amount to	0	16		0	16

Participant CUST 3002 wishes to continue to add one extra 500 ten thousand scale (add to participant CUST 3002 original 500 ten thousand on), and this is shown as 5 under 5 under " purchases " and " BOT ".See QUAD 4C.A new participant CUST 3004 has bid 5,000 ten thousand now.

QUAD 4C

＞7.625.225 TZ reference number 68119

108.04 hit 16 108.05+ 36

Cust	Buy	BOT	Cust	Sell	Sell
						3001	0	10	3005	0	16
3002	5	5	3004	50	0
						3003	0	1
Amount to	5	16		50	16

New participant CUST 3004 must wait, and finishes (through keyboard input or timer controlled system interval) up to existing worker.After this, system is that participant CUST 3004 carries out the extra 500 ten thousand of participant CUST 3002, still has 4,000 5 hundred ten thousand to need to sell simultaneously.See QUAD 4D, shown that wherein participant CUST 3004 and participant CUST 3002 have carried out transaction demonstration afterwards.Participant CUST 3001 and CUST 3005 other asterisks are represented these initial transaction persons and are finished or overtime.

Shown in above QUAD 4D, owing to no longer include existing worker, nobody can control transaction and get rid of other people.

QUAD 4D

＞7.625.225 TZ reference number 68119

108.04 hit 21 108.05+ 36

Cust	Buy	BOT	Cust	Sell	Sell
						*3001	0	10	*3005	0	16
3003	0	1	3004	45	5
						3002	0	10
Amount to	0	21		45	21

As can be appreciated, each participant moving in market often is fast, by accident almost occurrence positions change side by side.An example of this situation can be a first participant, hit the bid of a screen participant's certain scale through all keys of purchases/sale, and moment afterwards this second participant increased bid scale-for example increase to 2,000 ten thousand significantly from 500 ten thousand.In the case, intrasystemly advance taker and bought much more amount of planning now than him.This situation can be very discomforting in a market of moving rapidly.

System logic " is checked " state for the second time by producing a kind of additional state-be called, and addresses this is that.If herein during the reason, passive side's scale just one hit or mention order before be increased, system is a kind of interval through a kind of " age ", and the nearest increase of the amount of bid-bids with distinguish mutually than the input item of morning, this follow the tracks of at interval all bids and bid tendency and whenever life-span of a bid-bid less than for example all hitting/mention (passing through all keys of purchase/sale) two seconds the time.

Yet it be conditional for this to check for the second time.Advance taker and must finish business except the bid-bid of new i.e. " unaged ".This new scale is held not to be closed and other people can add bid-bid on this, the passive side-but these rest under this row.Even advance the whole scale that taker is not filled demonstration, this advances taker and has obtained existing worker's state and had following right:

1. bought this new scale, produced " rise " state with relative dealer.

2. refuse this new scale; The refusal (through " finishing " order) that advances taker places transaction " falling " state.

3. bought/hit one " part " amount, and they lose one's prior rights subsequently.

This checks that for the second time state is definite by the logical organization that Fig. 9 shows.In this was provided with, the transaction order was affixed one's seal in the 1020 input-times of frame.Existing passive fabricator's input item also is transfused to, frame 1030, and test 1040 and judge whether these passive side's input items PASS (ID) " has worn out ", promptly is not just to import.If logic proceeds to test 1090, to judge whether last input item PASS_END of PASS (ID).If not, the next increment, and logic turns back to sequence and begins.

To testing a negative response of 1040, make logic proceed to 1050, new there input item is analyzed; Advance the chance that taker is given the scale of the new interpolation in transaction was bought in test 1060 subsequently.System keeps the promise to the original scale of buying or hitting of taker into.If be accepted, logic proceeds to frame 1080, and proceeds to " rise " state.If negate, logic proceeds to " falling " state, frame 1070.

Obtained clarification in the screen sequence that these principles show in following QUAD 5A, wherein participant CUST 3001,3002 and 3003 is showing 500 ten thousand, 100 ten thousand and 100 ten thousand respectively.Just before the sales order of participant CUST 3007 (hitting all), CUST 3004 enters with the scale of 1mm.All scales are all concluded the business, just except this late 1mm, because its " always "-measuring according to the system interval timer not enough.This amount keeps not concluded the business, and system enters the state of checking for the second time.

QUAD5A

＞7.625.225 TZ reference number 68119

108.04 hit 7

Cust	Buy	BOT	Cust	Sell	Sell
						3001	0	5	3007	0	7
3002	0	1
						3003	0	1
3004	1	0
						Amount to	1	7		0	7

If the scale that this unsettled 1.0mm is filled up in participant CUST 3007 decision, state shift out " checking for the second time " and enter " rise " state, and participant CUST 3007 and participant CUST 3001 are as existing worker.Shown in QUAD 5B, it is seller's order of 200 ten thousand that participant CUST 3007 has also imported amount.The flicker of priority frame or highlighted expression are advanced taker and are in the state of checking for the second time.

QUAD 5B

＞7.625.225 TZ reference number 68119

108.04 hit 80

Cust	Buy	BOT	Cust	Sell	Sell
						3001	0	5	3007	2	8
3002	0	1
						3003	0	1
3004	0	1
						Amount to	0	8		2	8

Yet if participant CUST 3007 has pass by, transaction proceeds to " falling " state.(QUAD 5C)。New participant CUST 3005 is positioned under this line and is merely able to and finishes and participant CUST 3004 concludes the business after concluding the business at participant CUST 3001.

QUAD 5C

＞7.625.225 TZ reference number 68119

108.04 hit 70

Cust	Buy	BOT	Cust	Sell	Sell
						3001	0	5	3007	0	7
3002	0	1
						3003	0	1
3004	1	0
						3005	1	0
Amount to	1	7		0	7

Another state that is used for logical transaction is called as " falling " state, and it advances taker and bought and take place when electric current is less than the amount of all scales that the passive side shows when original.Remaining scale must be bought to finish transaction.This is towards the intention that shown bid-bid, their purchase/sale and thereby provides those participants of flowability in the market.If the taker that advances originally returns the remaining scale of carrying out the passive side, " rise " state obtains initial.Can " fall " remaining passive side's amount from another dealer of masters, and transaction proceeds to " rise " state-wherein and obtains to monopolize the time as existing worker-be included under the situation about all being bought from all remaining scales of original bid-bid state with this New Transaction person.

The state of " falling " makes and new advance taker and can finish passive side's outstanding bid so that the logic of the process flow diagram of Figure 10 is confirmed.In this process, transaction order CMD (I) is transfused at frame 1210.In test 1220, the system validation transaction is less than total passive side TOTL.If not, logic proceeds to frame 1280 and proceeds to " rise " state.

Make logic enter frame 1230 to testing a sure response of 1220, wherein the taker open trade advances to new in system, to finish unsettled passive side's amount.Yet, in transaction duration, do not have new passive side's input item to occupy the time of monopolizing, frame 1240.Test 1250 is confirmed last transaction through timer test 1260; If one of two results are "Yes", " falling " is terminated and handles the bid-bid state that turns back to.

Importantly, the new transaction that appears at the passive side must wait, up to all remaining original states all be done-and their position be maintained under this row.This obtains showing in QUAD 6A-6C

QUAD 6A

＞7.625.225 TZ

108.04 15 ^*108.04+ 25

Cust	Submit a tender	BOT	Cust	Price asked	Sell
						3001	5	0	3007	25	0
3002	10	0
						Amount to	15	0		25	0

At QUAD 6A, bid-bid state obtains showing that wherein participant CUST 3001 has shown that one 500 ten thousand bid and participant CUST 3002 have shown one 1,000 ten thousand bid.As advancing taker, participant CUST 3001 had bought a bid from participant CUST 3007, but just participant CUST 3007 show 2,000 5 hundred ten thousand in 500 ten thousand; 2,000 ten thousand have been left to the passive side.See QUAD 6B.

QUAD 6B

＞7.625.225 TZ reference number 68118

108.04 11 108.04+ TAK

Cust	Buy	BOT	Cust	Sell	Sell
						*3001	0	5	3007	20	5
Amount to	0	5		20	5

At this, if participant CUST 3006 has imported one 1,000 ten thousand bid, it must wait, and closes up to original passive side; Participant CUST 3006 thereby when remaining scale is done, be maintained under this row.See QUAD 6C.

QUAD 6C

＞7.625.225 TZ reference number 68118

108.04 11 108.04+ TAK 5

Cust	Buy	BOT	Cust	Sell	Sell
						*3001	0	5	3007	20	5
			3006	10	0
						Amount to	0	5		30	5

When this price point no longer produced new buyer or sellers, a transaction was closed by the timer of system's control, is perhaps directly closed by the participant.Should " closing " function will recover a new bid-bid state, keep original fabricator-(unless being exceeded) and from passive side's remaining scale of not concluding the business from masters.

As mentioned above, this system can provide the performance that allows strike price to improve the enhancing of handling.Price improvement has applied a kind of mutual bid-bid state of correction, and auction process is converted to a kind of multivalence lattice auction process, and wherein purchase or sales order are carried out in one or more price.

For price improvement, bid-bid state discloses, and the participant is willing to be intended to be higher or lower than the price of the current best market price and concludes the business, particularly with than the much bigger scale of current scale that is shown to market in optimal bid-bid.Under this was provided with, the strictly all rules of bid-bid state all was applicable to each price aspect.Being maintained of priority, i.e. first bidder/bidder in the aspect at top and with the price of the best.If one is advanced taker and only acts on the level, then " rise " or " falling " state (as mentioned above) obtains initial and is restricted to the price level of formation.

Even under this single level environment, a transaction can be by system logic institute " price improvement ".This can for example one advance and take place when taker has entered " rise " state.Under this state, price improvement will be entered a kind of passive dealer with purchase/sale of better price by one and trigger.If should initial " the best " passive dealer mate this better price, transaction will be resumed, but the price (passing through the distribution of system definition) between this new better price and original transaction value, thereby improve this price for the both sides of this transaction.This is the passive side through an example of the initial price improvement of " when " state processing.If initial best passive dealer's refusal is concluded the business, with taking place, identical price distributes, give new passive side dealer transaction.

More than demonstrate, advance taker by in the price improvement transaction, becoming one, this advances taker and has produced such possibility, promptly buys or sales order can obtain carrying out than being presented at the better price of price that current bid in the system and bid state disclosed.By doing like this, this advance taker initial " rise " state of a correction.(seeing Fig. 8 described below).

Shown in QUAD 7A, the bid and the bid of three levels are arranged.The number of the level of described bid and bid is a systematic parameter, and is usually relevant with the number of the price increment of bid and bid side, promptly a kind of main setting (for example, 1/32 increment); The setting of a kind of replacement level comprises ordinal number (for example " on the top five layers ").All participants will know four bids of 6,000 7 hundred ten thousand altogether, from 100.01 to 100.00, and five bids of total value 8,000 5 hundred ten thousand are arranged, from 100.02 to 100.03+.The submitting a tender and form contrast of this and single formation bid-bid state-wherein have only total value 200 ten thousand in two bids of 100.02 total value 1,000 5 hundred ten thousand at 100.01 two.

A kind of alternative embodiment can adopt logic (not shown) from scale to all participants that do not announce all prices and.In the case, the secondary level of analyzing logic control is merged and is bought and sell distribution.

QUAD 7A

100.01 2 100.02 15

	Cust	Submit a tender		BOT		Cust		Price asked	Sell
											2001	1		0		2007		5	0
	2002	1		0		2006		10	0
											Amount to	2		0				15	0
100.00+			20		100.03		10
											2005	20				2008		10	0
	Amount to	20						10	0
										100.00			45		100.03+		60
	2012	45				2007		20
																2011		40
	Amount to	45						60	0
										100.45x.00	20 x .00+ 2x 2x .01 x 15x .02 10x.03 60x .03+

Logic with " rise " state of price improvement can participate in this price improvement when initial price improvement by making the participant, and encourage the participant to disclose their transaction intention, even departed from optimum price.For example, price improvement will be by becoming the best market price that departs from 100.01-0.2, and be attached on the participant.By disclosing this intention, advance taker obtained the amount relevant with this price surplus the term of execution first priority improved of shadow price.Scale of price can obtain distributing between the participant by making in price improvement buyer or the sellers' surplus that produces when initial of concluding the business, and provides the chance of carrying out purchase and sale under the better price than the best market of 100.01-.02 for purchase.

Initial this price improvement transaction advance taker, according to circumstances buy or sell by allowing relative dealer, and be awarded protection with higher or lower price.This by a kind of system logic realize-this logic measures this surplus and the dealer with relatively distribute all obtainable surpluses between the dealer.Transaction by allowing one or two sides can be carried out transaction with the intention better price that discloses separately than them, keeps forging ahead and/or passive dealer has obtained benefit.System passes through to produce bigger flowability, and market is obtained advantage, thereby the announcement that has improved bidder and bidder is intended to, has increased the basis that the degree of depth, the permission multivalence lattice in market are concluded the business and formed the replacement commission.

In case the transaction beginning, status switch carries out according to the logic of single price transaction.For example, the realization of given price improvement bid-bid state, shown in QUAD 7A, new sellers become and have of selling 9,000 ten thousand to 99.31 order and advance taker.In order to improve the ability that these sellers sell in obtainable " optimum price ", its priority is according to price and time or also comprised the first optimal bid person of scale by the acquisition of measuring or obtaining arranging that it comprises, be given the chance of having bought extra amount after 6,000 7 hundred ten thousand with the price of improving having hit, promptly sell 2,000 ten thousand 100.01, sell 2,000 ten thousand at 100.00+, and sell 4,000 5 hundred ten thousand 100.00.Sell altogether 9,000 ten thousand by hope being low to moderate 99.31, sellers carried out first 6,000 7 hundred ten thousand and " intention " sail again and sell 2,000 3 hundred ten thousand.The first optimal bid person can carry out more in the price of an improvement now.The horizontal distribution of improving is between the reservation price of the price of submitting a tender and 99.31.If all remaining transaction are all carried out between buyer 2001 and 99.31 sellers, the price improvement transaction of then hitting at 23 of 100.00 places is finished.At this, buyer 2001 buys 2,000 3 hundred ten thousand by promise again in its bid level of 100.01, and has kept its right of priority.Yet actual transaction value is 100.00, for the buyer provides the price improvement of .01 (one percentage point 1/32) and returned the price improvement that sellers provide the .01 of the similar quantity on its reservation price 99.31.

This system logic is advanced transaction balance between taker and the passive side to share what conclude the business, thereby both sides are acquired benefit.System logic can also be assigned to surplus in the replacement logic, for example to advance taker provide 2/3 or all surpluses offer into taker, or do not provide surplus to advancing taker.This distribution mechanism can also dynamically change according to the scale of transaction or other clients group or transaction characteristic.This system makes the flicker of three transaction sequence, i.e. [email protected], and [email protected]+, [email protected] comprises that this sequence of expression is a highlighted expression symbol of one group of price improvement transaction.Perhaps, the transaction altogether in average price can obtain showing.When closing the transaction, system logic is returned control also to bid-bid state.

Under price improvement is handled, independent mechanism is arranged to propose in different price levels and to show a plurality of bids-bid.First kind of selection is to remove all market bid-bids, i.e. all lower bids are not shown.Second kind of selection offers its lower bid of bidder and whether is left on selection on the display, perhaps when being covered out-of-date being removed by better price.Even the third selection be confirm all submit a tender all be in processing on the screen-when their tegmentums out-of-date.This has formed the bid of " all effective up to cancellation ".Another kind of selection makes that the participant can their bid and bid of personalization under system control parameters.

Price improvement is handled the transaction that also allows priority to keep, call " when " state.This " when " state is initial or take place when having responded a transaction order as non-priority participant.In the case, the system logic triggering " when " state, and this allows priority bidder, the also control transaction of first optimum price conciliation of for example passive market side.Timer is controlled under " when " state and gives the priority bidder time whether decision mediates, buyer originally (its transaction order is initial " when " state) be placed in the priority bidder just after, and other non-priorities buyer is placed in first sequence of advancing after the taker.Yet if the priority bidder does not reconcile, logic forwards transaction to buyer's rank list, and transaction moves on to " rise " or " falling " state, to be done.By reconciling, the first optimal bid person is by mating optimum price in " when buying " concludes the business, and kept priority.

At this,, be the sweeping scale that is used for than showing on the level of bid that can access or bid number at price improvement by hitting of emphasizing of video attribute by an initial price improvement.

For chance bigger and that more disperse is provided for price improvement, and protective price improves into taker, and all purchase and sale orders that receive in the time of monopolizing all are arranged grade and are mated, and advance taker with the price protection that maximum is provided to price improvement.Owing to submit a tender with bid multi-level, even the first optimal bid person/bidder will keep that priority-he responds with his/her price, perhaps, if desired, when this best of competing " bought/hit " price.

Shown in QUAD 7B, participant CUST 2008 sells 9,000 ten thousand by promise with the price of as many as 99.31, and by into taker of initial price improvement transaction becoming.In the time of monopolizing, participant CUST 2001 promises buy 500 ten thousand again with 100.01, and participant CUST2009 makes a promise to buy 2,000 ten thousand with 100.01+.Do not match the subsequently purchasing price of 100.01+ of CUST 3001.

QUAD 7B

100.01 to.00 hits 67

	Cust	Buy	BOT	Cust	Sell	Sell
							100.01+	2009	20
							100.01	2001	5	1	2008	23	67
	2002	5	1
							Amount to			2
100.00+	2005	0	20
							Amount to			20
100.00	2012	0	45
							Amount to			67

CUST 2001 is by being that original optimal bid person has the right of priority to participant CUST 2002 and 2009, and makes a promise to do more the purchase with his/her original price.When the time of monopolizing finishes, with the best that shows buy mated to sell 2,000 3 hundred ten thousand in 2,000 ten thousand, thereby 2,000 ten thousand sold 2009.Remaining 300 ten thousand quilt has been sold participant CUST 2001.By the 100.01+ price that do not match, 2001 of CUST have obtained remaining 300 ten thousand.By keeping price and time priority level, price improvement is obtained and advance taker and be protected.These transaction obtain showing in QUAD 7C.

QUAD 7C

100.00X45.00+X23 .01X22 hits

	Cust	Buy	BOT	Cust	Sell	Sell
							100.01	2001		1	2008		22
	2002		1
								2009		20
Amount to			22			22
							100.00+	2005		20	2008		23
	2001		3
							Amount to			23
100.00	2012		45	2008		45
							Amount to			45			45
Amount to			90			90

The participant has predicted participant's input in the interaction of price improvement trading time period and system logic.Various input medias may be utilized, as shown in figure 12 keyboard special exemplary expression.This keyboard is installed in outside the single purpose LCD key, and the state of its function and demonstration and transaction processor is contacted directly.This keyboard has two horizontal line that longitudinal row and 7 LCD keys of 5 LCD keys are respectively arranged.The LCD key of this horizontal line will dynamically show can be in three different price levels of tenderer and bid side both sides acquisition.This is about to be called as " price row ".This demonstration will change and real-time update along with the price in the transaction processor.Center key in this row will show a price increment size.Optimal increment size will be determined according to the scope of the price differential between best and the poorest market by transaction processor.This increment size also will change and by real-time update along with price.These tender prices will be advanced according to the best to the poorest left side of order from center key towards keyboard.When different price levels appears at price improvement bid-bid state following time, they are displayed on the price row.Make reaction rapidly for the convenience data input with to market, the participant only need press the price level that one of these LCD keys can select its hope to conclude the business.After having selected price, the participant is ready to select by one of operating key of the LCD key representative of vertical row.If this participant wishes under the price of this point in appearing at market or on conclude the business, this participant can represent he wishes following how far departing from upwards with INC.

The function that aforementioned keyboard is provided with can be accomplished in some alternative embodiments.For example, input command can be set on a touch-screen, the touchpad sensor (for example " Genius mouse ").Other modes that are used for input command comprise voice command, voice activation navigation, and other " location " device can be replaced employing in the prior art.The term key table shows and comprises order or data input flip flop equipment, i.e. a device or switch-it has realized a kind of concrete task when being activated.

With five kinds of logics that state is relevant in this discussion, the form with table in Figure 11 has obtained summary.The characteristic remarkable of aforementioned system design has increased efficient and has reduced the mistake of order.

What submit a tender, bid and conclude the business often is exciting environment, and the input of order on the keypad of preferred description shown in Figure 3, and the human factor of their idea of participant's change, the possibility that has all caused transaction quilt mistake to be carried out.More particularly, mistake can produce owing to garble between the input of incorrect system, the participant or the like.These mistakes often force " master " participant to enter the position of the non-original idea in the transaction.

The present invention preferably provides the mode that makes the participant " cancel " transaction effectively, or passes through unsettled order of cancellation, or turns back to the execution during the stateful transaction.As shown in Figure 3, this keypad provides " cancellation ", " finishing " and " cancelling " key, so that this processing.The function of these keys is described as followsly when system is in a kind of concrete state, it should be understood that the title that gives these keys is arbitrarily, and any input media all can be used to realize desired procedure.

Under bid-bid state, " cancellation " order is used for removing from one or more security by this key input fabricator's existing market.

Under " when " state, " cancellation " only is used for just removing a fabricator's market when not opposite with it unsettled active " purchase " or " sale " order.In addition, " finish " and be used for before order is mated removing one and potentially advance taker and transaction participant from transaction List Table.

At " falling " state, " cancellation " is used to remove all remaining passive fabricators' market." finish " and carry out and " cancellation " identical functions, and the passive transaction participant under " falling " state of making removes themselves from transaction List Table, thereby removed them effectively have an opportunity to carry out the scale of his promise in system before." cancel " scale that reduces to be shown to the participant under the situation that is used for " withdrawal " transaction and has been performed in the schedule time after initial transaction.In addition, " cancel " trading volume that function reduces all passive fabricators pro rata.To the restriction in a predetermined period, stoped the participant to utilize this correct function and obtained inequitable goods place.Similarly, if having only a dealer to participate in this transaction, then cancel function and make this dealer add phase the other side of the desired scale that is undone.Though cancel function can be at any time by any participant-be masters or passive side's participant-start; The system applies steering logic is to keep the justice of this trade agreement.

During " rise " state, participant can utilize " finishing " function that he is removed from masters or passive side's participant, perhaps from two sides' participant, remove simultaneously, no matter and concluded the business or the scale of asking how.Therefore, " finishing " function logic ground removes the participant from transaction.Cancel function and can also regain transaction-as long as first dealer has initiatively carried out this function in the predetermined period after this transaction.Be not activated in this predetermined period if cancel function, then the dealer enters formation to buy or to sell phase the other side immediately.Preferably, the dealer is placing the top of this tabulation, cancels function and can be started effectively immediately thereby make, as long as a relative dealer is arranged.More particularly, first active and passive dealer's right will obtain safeguarding, to guarantee justice.

Though describe the present invention for illustrative purposes in detail, it should be understood that, such details just is this illustrative purposes of knowing clearly, and under the situation that does not break away from the spirit and scope of the present invention, those skilled in the art can carry out various changes, and the spirit and scope of the present invention only are defined by the claims.

Claims (24)

1. implement to be used to handle the transaction system of structuring trading environment of the purchase and sale of selected article in combination with a data disposal system for one kind, has one group of predetermined characteristics, wherein said data handling system is operated by a plurality of middle mans of one or more clients of the described article of representative, and described middle man gathers described client in the specific communications platform, to allow exchange and the bid of relevant described article and the relevant position of submitting a tender, described transaction system comprises:

A plurality of workstations, each workstation comprises a display device, be used for showing the information of the select location that the client about unsettled market condition relevant with the described article of being concluded the business and participation is taked with regard to described article to middle man or dealer, and custom-designed keypad, it comprises a plurality of transaction execute keys, and described key is programmed so that be assigned to specific transaction security separately;

A central server, the transaction control logic that it is connected to described workstation and is programmed to support be scheduled to by a communicator, wherein said transaction control logic comprises the transaction sequence agreement, described transaction sequence agreement is used for implementing in a predefined manner the transaction order from described client, it is corresponding to the development of a plurality of transaction particular states, and described a plurality of transaction particular states define the participate in business ability of activity of various dealers; And

A communicator is used for according to described transaction control logic market information being distributed to described a plurality of workstation.

2. transaction system according to claim 1, wherein said agreement is determined that by a program stored this program comprises a logical organization, this structure qualification a client become a dealer's condition and the condition that other clients can participate in a transaction.

3. according to the transaction system of claim 1, wherein said transaction order comprises bid, bids, hits and mentions.

4. according to the transaction system of claim 1, wherein said stateful transaction comprises a kind of bid/bid state and a kind of " rise " state.

5. according to the transaction system of claim 1, that wherein said stateful transaction further comprises is a kind of " when " state.

6. according to the transaction system of claim 1, wherein said stateful transaction further comprises a kind of " checking for the second time " state.

7. according to the transaction system of claim 1, wherein said stateful transaction further comprises a kind of " falling " state.

8. according to the transaction system of claim 1, wherein said display provides the tenderer in market and the displaying of bid side.

9. transaction system according to Claim 8, wherein said display also comprise the information of the scale of relevant outstanding bid and/or bid.

10. transaction system according to Claim 8, wherein said display further provides the client who organizes in groups formation, and it is corresponding to the bid in their each comfortable market or the participation of bid side.

11. according to the transaction system of claim 10, wherein said formation is arranged according to entry time.

12. according to the transaction system of claim 11, wherein said queue sequence is further based on the quality that enters of foundation price.

13. according to the transaction system of claim 12, wherein said display provides relevant dealer to enter the information of hitting or mentioning.

14. a computer transactions system that is used by a plurality of dealers, wherein each dealer operates a kind of custom-designed keypad that is used for the data input and receives the information of relevant market condition from a display, and described system comprises:

A data processor, it has the related data memory storage, is used to provide the trade agreement of the transaction layer level structure of setting up between the participant;

The transaction command input device, it comprises described custom-designed keypad, and wherein said keypad comprises a plurality of transaction execute keys, and described key is assigned to the particular safety that can be used for concluding the business respectively;

Display device is used to present the Transaction Information profile, and wherein said transaction profile is included in the unsettled bid and the bid of selected price point and scale.

15. according to the transaction system of claim 14, wherein said input media provides the singly-bound input of the mandatum cassatorium that is used to conclude the business.

16. according to the transaction system of claim 14, wherein said data processor provides a kind of bid/bid state, wherein client's price and scale are displayed on the described display device.

17. according to the transaction system of claim 16, wherein said bid/bid state is hit or is mentioned order and stop by client input.

18. according to the transaction system of claim 16, wherein said bid/bid state is hit or mentions " when " state that forwards to by a new client input.

19. according to the transaction system of claim 14, wherein said display device is showed the information of relevant transaction business and client's visit, it depends on the stateful transaction of system.

20. the computer-implemented method of a financial instrument transaction of on the computer system of distributed work station, implementing, described distributed work station computer system comprises a plurality of workstations, each workstation comprises a custom-designed keypad, it comprises a plurality of transaction execute keys, described key is programmed so that be assigned to the specific safety that can be used for concluding the business respectively, wherein said system provides a description the pre arranged trading agreement of dealer's visit, said method comprising the steps of:

A., a kind of bid/bid system state is provided, and wherein client provides information to participate in by the form with input bid, bid, price and amount information;

B. almost in real time described distribution of information is arrived described a plurality of workstations.

C. receive from described client, hitting and/or mention by the generation of each transaction execute key of each workstation in response to being presented at unsettled bid/bid on the described workstation;

D. enter stateful transaction, in this stateful transaction, finish transaction with single price;

E. return described bid/bid state after the predetermined termination incident of in described stateful transaction;

F. follow the tracks of and export the transaction of finishing from described stateful transaction.

21. according to the computer-implemented method of claim 20, wherein said stateful transaction further is described as one " falling " and " rise " state.

22. according to the computer-implemented method of claim 21, wherein said " rise " state is to be produced by the single client who hits or mentioned all unsettled scales.

23. according to the computer-implemented method of claim 22, wherein said " falling " state is to hit or the whole client that mentioned less than described unsettled scale produces.

24. according to the computer-implemented method of claim 20, wherein said trade agreement is encoded with the programmed logic of controlling described computer system.

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